WazirX has an interface that will be easy to navigate for experienced crypto traders, but it can prove challenging for newbies. With 250+ crypto coins listed on Wazirx . Today, as the cryptocurrency market stands at a valuation of 2 trillion USD, with over 4000 cryptocurrencies in circulation, crypto trading has taken a definite shape. To ensure that 1 billion Indians are not left behind in the crypto race, WazirX came into existence. In this WazirX review, we’ll take an in-depth look at the offerings as well as learn more about WazirX trading fees and more.
WazirX Overall Summary
|Native Token||WRX Coin|
|Supported Fiat Currencies||Euro (EUR), Indian Rupee (INR), Russian Rouble (RUB), & 5 more.|
|Minimum Deposit||100 INR|
|Trading Fees||0.20% Taker Fee / 0.20% Maker Fee|
|Withdrawal Fees||0.0006 BTC|
|Deposit Methods||UPI, IMPS, NEFT, RTGS|
|PC/Mobile Application||iOS, Android, Windows|
|Customer Support||Live Chat|
WazirX is a renowned Indian crypto-trading platform that offers a simplified trading app with lots of exciting features. WazirX is a user-friendly crypto trading platform specially optimized for Indian audiences and is enabled with strong security features.
Furthermore, its integration with Binance, the introduction of the WRX utility token, and the innovative WazirX P2P trading exchange has contributed to its popularity and widespread adoption.
WazirX was launched in March 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon.
All three give information on the company’s website (WazirX.com) that,
WazirX allows UPI, IMPS, NEFT, and RTGS deposits, but credit card deposits are restricted. WazirX charges a 0.20% taker fee and 0.20% maker fee for each trade transaction.
WazirX Pros & Cons
- Auto-matching P2P platform with high liquidity
- Rewards for referring users
- Smart Token Fund (STF) Marketplace Presence Helps Novice Traders Stay Profitable
- Fiat deposit and P2P trading volume restrictions
- Fiat deposits are only available for users in 8 countries
- Exchange does not have a futures trading feature
WazirX – A Revolutionary Indian Crypto Exchange
WazirX Exchange is an Indian cryptocurrency trading platform, now open for trading for clients across the globe. Launched on March 8, 2018, Zanmai Labs Pvt Ltd is run by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. WazirX is better than just a cryptocurrency exchange.
It offers a unique solution to bridge the gap between the world currently powered by fiat currency and the ever-evolving cryptocurrencies, with the world’s first auto-matching P2P engine, WazirX P2P. It also offers its own native crypto asset called WazirX Tokens or WRX Coins. It was introduced to adequately reward the WazirX community for their efforts in bringing it to fruition.
WazirX was initially opened to Indian crypto investors, but on March 27, 2019, wazirX opened its doors to the entire world of crypto traders. On November 21, 2019, WazirX announced its acquisition by Binance, the world’s leading cryptocurrency exchange. WazirX is accessible through its web app and even through desktop and smartphone apps.
WazirX Unique Features
The platform suffered a setback soon after it was launched as the Reserve Bank of India, the Financial Regulatory Authority in India with headquarters in Mumbai, announced a banking ban on crypto and a three-month time period for all such cryptocurrency exchanges to stop operations. Limit issued. WazirX’s response to this was quick and efficient. It was to be ensured that Indians were not deprived of the worldwide blockchain revolution.
WazirX introduced the world’s first auto-matching system for P2P trading called WazirX P2P.
The success of the WazirX exchange is outstanding. It crossed 100 crore P2P trades, a benchmark that is hardly expected in a bear market in India. The success of P2P processes has shown that the Indian market is open-minded to cryptocurrencies. WazirX has grown by an astonishing 50% per month and has rated the platform as the best crypto exchange in India. The exchange proudly announced its achievement on its website for WazirX users with “Namaste Tribe”, a uniquely Indian greeting.
WazirX Crypto Coin (WRX)
WRX: This is a crypto token, also known as the WazirX token, but one that will not start giving immediate returns. WRX is for users who want to participate in the WazirX exchange for a long period of time. The company is working on plans to ensure that the WRX coin achieves higher value in the future and is a must-have in any crypto Wazirx wallet. Until then, the platform advises traders to deposit and hold WRX when the price on WRX moves up. There are many good things out there for WRX coin.
WazirX Referral Programs
Referral Commission: This 50% referral system is unique to the WazirX trading and exchange platform. In this system, WazirX fees for trading are split 50% and help create a long-term withdrawal scenario in crypto adoption regardless of the trading volume. The more people you transact with on this WazirX trading platform, the greater the savings in cryptocurrency trading fees.
Use the Wazirx Referal code and get a bonus – 4cj2zbsd
WazirX Fees and Cost
WazirX does not charge any fees for crypto deposits on the platform. Fiat deposits are charged depending on the method used, but the lowest fee is Rs 5.9 ($0.08). Fiat withdrawals are charged depending on the method used; However, P2P trades are completely free. The crypto withdrawal fee depends on the various coins or tokens. Cosmos (Atom) is free to withdraw while 1INCH costs 13 units.
WazirX Customer Support
WazirX provides multiple channels for customers to resolve queries. The FAQ tab contains detailed answers to several questions. You also have a chatbot with a list of options to choose from. If you have further questions, there is a toll-free line for direct contact with the agent.
WazirX also sometimes uses social media to answer questions, but it doesn’t answer them all. The Chabot is fast and efficient but its call agents on sites like Trustpilot have been poorly review.
Traders can use the traditional ticketing system to clear their doubts. Concerns can also be raise via email. The website also has a comprehensive list of frequently asked questions. In addition, WazirX’s social media pages are available on Telegram, Twitter, Facebook, Instagram, LinkedIn, YouTube, and Coinmarketcap.
Account opening process in WazirX
Sign Up Process
Fill out the WazirX signup form with the required information or details. After filling out the form complete the KYC process to verify your account and start trading on WazirX.
- KYC completion requires entering details and images of government-approved ID cards like PAN & Aadhar.
- Customers would need to upload a selfie.
- They would also need to provide the details of the bank account number.
- Once the KYC is approved, users can deposit money in their wallets either in INR or in cryptocurrencies.
- Then, they can start trading on the platform.
WazirX Deposits and Withdrawals
Our reviews of WazirX for deposits and withdrawals rank very high on rating scores. There are many ways to deposit, and deposit fees in BTC are very reasonable, in line with the industry average. WazirX’s customized app allows crypto traders to very easily transact on WazirX on the go. You can also make WazirX withdrawals. WazirX fees for withdrawal are quite low (0.2% maker/taker) as compared to withdrawal fees on other exchanges. For example, the withdrawal fee for one bitcoin when processed on WazirX is 0.0005 BTC.
WazirX Payment and Trading Methods
The WazirX accepts a wide range of payment methods, and they are:
- Bank transfer
- net banking
WazirX P2P: WazirX’s peer-to-peer exchange service is a unique solution that auto-matches buyers and sellers with the help of a P2P engine.
P2P Transaction Fees – WazirX charges zero for P2P exchange.
The security score of the WazirX trading system from India is highly rated, and the sale of instruments and other transactions are completely secure with simple encryption. Account security is taken very seriously, and security audits are conducted at regular intervals.
The order book and volume of trades and money exchange are above average, and users can trade safely on this platform. WazirX is the gold standard in the security aspect. The WazirX mobile app is also completely secure, and all transactions have a verification shield from Google Authenticator.
WazirX Review: Conclusion
This review of WazirX reveals that WazirX is a fast-growing trading and exchange platform from India with a reasonable order book of transactions, trading fees, and expanding trading volume in crypto. WazirX is a top-notch and largest cryptocurrency exchange in the world that has gained 2 million customers in three years alone. It aims to build an exchange to help the public easily become a part of the digital currency revolution.
The WazirX P2P( peer-to-peer) exchange is the world’s first auto-matching system and is a huge attraction among traders. For an exchange that is only a few years old, WazirX has made rapid strides in this area, especially with the Smart Token Fund which is a very simple way to expand your cryptocurrency portfolio.
The WazirX exchange offers diverse cryptocurrencies from different sectors of the crypto markets including Web 3.0 and Metaverse. Its integration with Binance gives you access to a larger, more liquid market. Its Smart Token Fund (STF) is unique and helps rookie traders find more experienced traders to manage their assets. The exchange currently does not have any facility for crypto loans, this facility is available on most exchanges. There are other means to earn passively on WazirX, such as token mining, airdrops, and its referral program.
Yes, WazirX is legal in India. You can trade in crypto and bitcoin in India, and buy, trade, and invest seamlessly. However, in 2018, banks in India were asked to cut all ties with crypto exchanges. Finally, in March 2020, this restriction was lifted by order of the country’s Supreme Court, and you can now trade fearlessly on WazirX, either on the site or on the app.
Yes, WazirX.com ensures the safety of its users by employing additional security features including 2FA (Two Factor Authentication) and Users receiving OTP (One Time Password) through email/SMS, wherever applicable, to authenticate transactions and further.
Although there are minor differences between ZebPay and WazirX when it comes to supporting cryptocurrencies and the trading fees charged on their platform, ZebPay offers intraday and spot crypto trading options, while trading on WazirX exchange, is peer-to-peer. Services like two-peer (P2P) have aces. ), and Smart Token Fund (STF) categories. STF is for holding hands.
This is a simple process. You have to click on Funds in the bar and then click on Withdraw button below Indian Rupee. If your bank account is linked, enter the amount and tap on Withdraw. Then transaction withdraws instantly.
It offers users multiple options to earn or collect tokens according to the current WRX coin price. From Crypto Dust to WRX mining, where anyone can unlock and earn 10,000 WRX tokens every day. In addition, there are referral commission programs, giving tokens, sign-up bonuses, and something as basic as a business transaction that qualifies users for tokens. There are other options to buy WRX against various crypto tokens including BTC, USDT, and TRX available on various platforms such as Poloniex, Bitmart, and TokoCrypto.
It takes just a few hours for WazirX to verify the KYC of the customer.
Two-Factor Authentication (2FA) involves entering a one-time password sent via SMS/email in addition to the password. Customers can also opt for third-party OTP generator apps like Google Authenticator.
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